One of India’s most prominent cryptocurrency platforms, WazirX, has started a bounty program to find and freeze stolen assets in a recent cyberattack. This move shows that the exchange is serious about fixing the problem with customer funds and making its site safer and more trustworthy.
In a thorough post on the social network X, WazirX discussed the steps taken immediately to stop the cyberattack. These steps include calling the cops and telling the Financial Intelligence Unit (FIU) and CERT-In, India’s main agency, to report computer security incidents.
In a separate post, Nischal Shetty, co-founder of WazirX, also said that the exchange is trying to get over 500 other exchanges to stop the addresses linked to the stolen funds. This widespread cooperation is essential because the stolen goods move between different sites.
WazirX Bounty Scheme To Recover Stolen Assets
Shetty says that the WazirX team is working on a bounty scheme to give people and businesses a reason to help freeze or recover stolen assets. This project is part of a larger plan to make it easier to find the stolen money.
The exchange also talks with several groups that specialise in tracking cryptocurrency trades. These professionals will monitor the situation and help with the healing process. WazirX thanked the wider Web3 community for its support and stressed that everyone needed to work together to solve the problem while staying true to Web3 communities’ values.
Syed Shetty said that the team is looking at data right now to determine how bad the attack really was. This study is necessary to develop a good recovery plan and ensure that all the necessary steps are taken to protect customer funds.
WazirX is working with investigators and the police to find and arrest criminals. Its workers are also doing this. We want to catch the thieves and get back as many stolen things as possible.
The breach at WazirX caused a loss of about $235 million. It was the second-biggest hack of a centralised exchange in recent history after the DMM flaw on May 31, which caused a loss of $305 million.
Investigator ZachXBT said in a Telegram post on the “Investigations by ZachXBT” channel that the wallet of the accused main attacker still has over $104 million in unmoved funds.
As WazirX works harder to recover the stolen assets, the exchange remains committed to protecting the safety and stability of its platform and trying to regain users’ trust.
